Market Chatter: SkyCity Entertainment Group Shares Deeply Undervalued But Recovery Possible, Forsyth Barr says

MT Newswires Live

Oct 21

SkyCity Entertainment Group (ASX:SKC, NZE:SKC) shares are trading at an estimated 50% discount to the value of its assets, but brokerage firm Forsyth Barr believes the stock is poised for a rebound as investor sentiment begins to stabilize, Radio New Zealand shared in a Tuesday report.

The company has suffered from weak domestic demand, the delayed International Convention Centre (NZICC) opening, and costly regulatory issues in New Zealand and Australia, particularly related to its loss-making Adelaide Casino.

The stock was projected to exceed its most recent closing share price of NZ$0.74 per share, with a target price of NZ$1.10 per share that was still 20% lower than its book value, said Forsyth Barr analyst Paul Koraua.

While market sentiment remains cautious, recovery drivers such as the NZICC, a city rail link, and improved tourism could support future gains, Koraua added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}